On February 4, virtual money took a nosedive in the course of the Asian trading session. Bitcoin, the most popular cryptocurrency, slid by 0.7% to $3,456.9 per coin while Ethereum plunged by 2.5% to $107.38.  Furthermore, Litecoin declined by 2.3% to $33.642 and Ripple fell by 2.8% to $0.30106. Several major cryptocurrency exchanges crashed. Analysts say that cryptocurrencies become less popular with every passing day.

In such a gloomy period, comments of Twitter CEO and co-founder Jack Dorsey came like a ray of hope for the crypto community. The businessman projected that bitcoin could turn to be the internet’s common currency.

According to Dorsey, the #1 cryptocurrency “was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.” In May 2018, he expressed similar thoughts.

The Twitter CEO outlined advantages of bitcoin and the blockchain technology thanks to which the innovation grows more popular. But he also admitted that these new technologies looked troublesome to businesses. The digital money raises concerns among most financial institutions and some governments which affects development of the blockchain technology, Dorsey added.